Geely Automobile Holdings Ltd. has reported a remarkable financial performance for the year 2024, with net profit surging 213% to CNY 16.6 billion (USD 2.3 billion) compared to the previous year. The company's revenue also saw a significant increase, reaching CNY 240.19 billion (USD 29 billion), marking a 34% year-on-year growth. This performance is attributed to increased sales volumes and effective cost-cutting measures aimed at enhancing competitiveness in the challenging Chinese automotive market. Geely's shares rose by 3.1% following the announcement, reflecting investor confidence in the company's robust sales and record exports. Additionally, cumulative retail sales of new energy vehicles (NEVs) in China reached 1.853 million units in the first quarter of 2025, up 36% year-on-year, indicating a strong market for electric vehicles, which Geely is actively participating in.